A Saudi Arabian prince, the second largest investor in Euro Disney, is backing a recapitalization plan for the company’s struggling theme park outside Paris.

Prince Alwaleed bin Talal owns 10 percent in Euro Disney S.C.A. through his investment firm Kingdom Holding Co., based in Riyadh. Burbank’s Walt Disney Co. owns 40 percent.

Reuters reported that a spokeswoman for Kingdom confirmed the firm would be part of $445 million rights issue that would give bin Talal the ability to purchase more shares in Euro Disney.

The rights issue is part of a larger $1.25 billion investment into Euro Disney announced on Oct. 6 that also includes paying off debt owed to Disney.

Euro Disney trades on the Euronext Paris exchange. The refinancing proposal requires approval from shareholders by the end of November.

Disneyland Paris opened in 1992 and has struggled financially for much of that time from issues tied to its debt. Euro Disney last turned a profit in 2008 and has posted losses every year since then, according to the New York Times.

Other media reports say the theme park is suffering from declining attendance. Disneyland Paris drew 14.9 million visitors last year and expected between 14.1 million and 14.2 million this year.

In 2012, Disney refinanced about $1.6 billion in debt for Euro Disney.

Disney Shares on Monday closed down $2.36 cents, or 2.7 percent, to $83.91 on the New York Stock Exchange.